Escrow management structure
First Claim
1. A method of allowing a customer to purchase a product having a purchase price from a merchant through an electronic transaction, the method comprising the steps of:
- a) establishing a deposit account on behalf of the customer with an escrow account provider;
b) transferring funds into the deposit account;
c) placing an order with the merchant;
d) verifying that the deposit account has a balance which is at least equal to the purchase price;
e) notifying the merchant that the balance in the deposit account is at least equal to the purchase price;
f) delivering the product to the customer; and
g) transferring the purchase price of the product from the deposit account to the merchant upon confirmation of delivery of the product to the customer.
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Accused Products
Abstract
A method of allowing a customer to purchase a product having a purchase price from a merchant through an electronic transaction. The method comprising the step of establishing a deposit account on behalf of the customer with an escrow account provider. Next, funds are transferred into the deposit account. The customer will then place an order with the merchant. The balance of the deposit account will be verified to confirm that the balance is at least equal to the purchase price of the product. Next, the merchant will be notified that the balance in the deposit account is at least equal to the purchase price such that the merchant will deliver the product to the customer. Finally, the purchase price of the product will be transferred from the deposit account to the merchant by the escrow account provider upon confirmation of delivery of the product to the customer.
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Citations
24 Claims
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1. A method of allowing a customer to purchase a product having a purchase price from a merchant through an electronic transaction, the method comprising the steps of:
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a) establishing a deposit account on behalf of the customer with an escrow account provider;
b) transferring funds into the deposit account;
c) placing an order with the merchant;
d) verifying that the deposit account has a balance which is at least equal to the purchase price;
e) notifying the merchant that the balance in the deposit account is at least equal to the purchase price;
f) delivering the product to the customer; and
g) transferring the purchase price of the product from the deposit account to the merchant upon confirmation of delivery of the product to the customer. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10)
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11. A method of allowing a customer to purchase online content having a purchase price from a merchant through an electronic transaction, the method comprising the steps of:
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a) establishing a deposit account on behalf of the customer with an escrow account provider;
b) transferring funds into the deposit account;
c) placing an order for the online content with the merchant;
d) verifying that the deposit account has a balance which is at least equal to the purchase price;
e) notifying the merchant that the balance in the deposit account is at least equal to the purchase price;
f) downloading the online content to the customer; and
g) transferring the purchase price of the online content from the deposit account to the merchant upon confirmation of a successful download. - View Dependent Claims (12, 13, 14, 15, 16, 17, 18, 19)
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20. A method of allowing a customer to place a wager on gaming action with a merchant through an electronic transaction, the method comprising the steps:
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a) establishing a deposit account for the customer with an escrow account provider;
b) placing the wager for the gaming action with the merchant;
c) transferring funds for the wager from the deposit account to a set aside account;
d) notifying the merchant that the funds for the wager have been transferred to the set aside account;
e) verifying the merchant can cover the wager;
f) transferring the funds for the wager from the set aside account to an action account during pendency of the gaming action; and
g) transferring funds for the wager from the action account to one of the merchant and the customer. - View Dependent Claims (21, 22, 23, 24)
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Specification